open letter to ICICI Bank

Am I the only person in this planet who gets pissed off by ICICI Bank?

I had opened up a ICICI Bank account in April, and for the past 4 months I have been breaking my head to get a debit card issued from your bank
I have called your customer care about 8 times,
visited your branch 3 times,
and written twice to your customer care.
On one occasion I thought I won the battle when your manager issued me an instavisa card, but that pleasure was short lived because you guys refused to activate it. In my past 3 years at my current residence I have not even a single ordinary post, but some how your courier guy is never able to find my residence.

One humble request, have I harmed you guys in any way that I am getting this special treatment? Because honestly, I am losing my patience.
I have paid
750/- account opening.
111/- for a debit card which I do not think i will ever get.
206/- telephone calls.
150/- Auto Fare
12 hours of my time over something which ICICI bank is definitely not interested in issuing.


I had a PNB (Punjab National Bank) account in Kharagpur. The Bank Manager refused to issue me a chequebook. There was a ATM Machine and even though I always maintained a healthy bank balance, the bank never issued an ATM Card. Hence I had to waste 1 hour at the teller every month. I moved to HDFC, and like ICICI, I started losing couriers. So I finally moved to CITIBANK (Bangalore) and in the past 3 years I have never had a reason to visit their branch and everything is a phone call away. I am one happy customer.

I had a shrarekhan account and it had become a pain in the ass… on one occasion they wrongly charged me 100K INR. (after one month of fighting I finally managed to get the charges reversed) 4 months ago I opened up a ICICI Direct account (which provides me a much more reliable service). However with it comes the pain of dealing with ICICI Bank. The worse part is that I cannot do an online transaction without the Debit card.

However Foreign Banks and brokerage services provide me with an excellent service. Smith Barney and UBS provide me with some excellent brokerage services. They might be expensive, but even if i value my time at a minuscule 50/- an hour, I am saving millions of rupees.

42 replies on “open letter to ICICI Bank”

Boss, that’s what happens in all banks in Indian. I have also faced the same thing several times when my card expired. I don’t know which courier they use, it never finds your house. Moreover he never leaves a note saying that we were not home when he came so that you can pick it up from his office. I tell you boss, this is the kind of service we always get in India no matter how much improved the technology is.

@one Indian…
Welcome to E-Nagar. I updated the last para to reflect your thoughts….
yes what you say is true…. even in stone age banking was faster.

Hey man…

I have a account wid HSBC..and it rocks..

I recently went there to get my bank statments attested ..i was treated like a beautiful ladies..also the work was done in no time..

I like their kind service 😉

also everything is online…so no headache!

all international banks know how to treat the customers… Citibank like HSBC also treats you like a king (but i doubt if they have beautiful ladies do the work for u)

.. i think its high time… we should take them to court for all the mental agony they caused….

hi there
first icici service suck and most of the staff r dimwits half dont know their job
ive no probs still and still happy with a atm card
though they have offered me a gold card or watever as im a pref customer
if u want service go straight up send a letter to the ceo or cgm of ur state or say the ombudsman at the least then see how the ball rolls
hdfc bk tech is the best
but their human interaction suks !
still dont mind cause of the automation and the officer who is cooperative.
psu staff dont care i have sbi ac for the debit card and its reach, simply unmatchable
i once withdrew from leh ladakh!
Foreign banks though good kinda suk on the interest rates and the cost of service —Cgs !

ur lucky if icicidirect is working for u
else they had a bad history of poor cust service
also 5 paisa suks!

dont have probs with sharekhan yet but the best is kotak or kotakstreet man they charge but give great service and their automation is world class

for the best bkg service try a SAFE SCHEDULED local coop bank cause they realy have to work to keep customers
sometimes they beat all the competition

//first icici service suck and most of the staff r dimwits half dont know their job//
very aptly put.

//if u want service go straight up send a letter to the ceo or cgm of ur state or say the ombudsman at the least then see how the ball rolls//
yups I have written this letter to the customer relationship head… if he does not pay attention to it in a week.. i think i will take the legal course… i just want them to suffer as much as they have made me suffer.

//hdfc bk tech is the best
but their human interaction suks !//
i had asked them for a simple demand draft…. and that demand draft never reached me… i think it costed me more to track it.. then i had to sign on a 100/- stamp paper to make them issue a new one….

//i once withdrew from leh ladakh!//
i do not have a SBI account.. but i have also heard similar stories… looks like its time for me to reinvest in SBI (i had invested 3 years ago when Bank PSU were trading at a PE of 4 and doubled my money)

//Foreign banks though good kinda suk on the interest rates and the cost of service —Cgs !//
1) what is CGS?
2) in savings u get 3.5%interest… what am i going to do with it? if i need interest i will take up FD/bonds/stock market… not savings.

//ur lucky if icicidirect is working for u//
amazing service.. and good website… what else do i need.

//dont have probs with sharekhan //
if u read the link in the post.. u will realize how pathetic their service was.. plus every now and then their website crashes.

//yet but the best is kotak or kotakstreet man they charge but give great service and their automation is world class//
i have heard that Relicare (ranbaxy group) provides one of the best solutions.. ne idea?

//for the best bkg service try a SAFE SCHEDULED local coop bank cause they realy have to work to keep customers//
actually i want internet banking… so that i can transfer money from place A to B without visiting the branch or waiting endlessly at their call center. since Citibank works for me.. i think i will stick to it.

//sometimes they beat all the competition//
yups that is the only solution to all our woes.

i was talkg about the charges
and their interest rates rnt the best

hdfc bank netbkg interphase is unmatched
the best thing is to collect from branch
if u dont know the staff and build a rapport
with the staff

kotak was abt share tradg
Relicare (ranbaxy group)- no clue is it medical 80d type thing
also reliance money is here

a mix of 2 or 3 accounts is best

and abt sbi it is a fact cause i had wdn from leh !
ok sometimes their vsats were down but one could manage, this is a big boon to the army and the
ladakh scouts and others and the most advanced bankg branch in the siachen sector of combat
though sadly their branch servvice suks bigtime!

u must visit ladakh at least once in ur life!

Religare… its a online brokerage firm.. like kotak…. new and i have heard hence better. but need to confirm it…

about banking and trading.. as long as a service works for u.. there is not much incentive to change the corporation…. btw what could be benefit of having multiply bank accounts…
i was supposed to go to ladak this month, but somehow i had to cancel it… but next year definitely 🙂

I neede to change my communication address at ICICI. It took many weeks and more than 50 e-mails and letters and about as many phone calls. You can forget their customer service centres, they just don’t have a clue. I eventually wrote to Mr. Kamath and, believe it or not, the matter was dealt with within 2 days. I even got a visit from the local Branch Manager.

thank you for sharing your experience. it looks like only the top level cares about what the public thinks.. the branches is just having a free ride.

I just opened an ICICI Bank account and i waited almost a month to get the damn password to activate my online account. I tried to log in for the first time and it says incorrect. I called their wonderful customer service department and they keep telling me to wait 1 day and try again. If this is what is like to login in to my account, what the f**k will it be like when I actually put money into it?!

hey u should put the minimum balance amount in the account immediately… else these guys are going to charge u 750/- for that…
but the better thing would be just write to the higher level… or file a complaint in consumer forum.

Apart from all this bull shit, we cant change our address online. For every now and then if we need to visit our branch physically, then what the hell is use of so called online facility.

exactly… the reason why u r going for an addr change is because u no longer live in that address… so what do they want u to do… catch a flight to your old branch?

I am also facing problem of debit card .New debit card is sent to me in dec 2006 but till date i have not received it. many phones many visits many request but nothing happening worst servic if icici bank

Beware of hidden charges with ICICI home loan – ECS swap charge is 565 Rs.this is exorbitant…

I have a home loan with ICICI bank . I wanted to change the ECS from one bank account to other bank account .
When I approached the ICICI home , they said I have to pay 565 Rs as ECS swap charge.

When opted for the loan with ECS, they didnot charge any penny as ECS swap charge while taking the loan and later when I changed my monthly EMI , that time also payment mode was ECS .They didnt charge any penny for that.

Now they are asking 566 Rs as swap charge.Is that common across all banks?
.When I appraoched the bank, they said I have agreed upong to the condition for this kind of charge.I am okay to pay as max of 250Rs for this , not this 565 Rs.
Is this charge common across all banks?


i would like to say ..that i am unable to understand ICICI bank policy there agents nerver disclose or clear things at time of loan .. thy create a trap for custome once he is in .. now its there wish to do anything . Can any responcible person clear one thing that if i have an existing home loan & i am selling my property .. & other person( buyer ) is taking loan from ICICI bank do i need to pay 2% of princlipal amount or other person will pay it . in any case loan is transfering from one person to other .. if anyone have to pay its better to look for some other Bank . 1 more thing i want to clarify i asked usr bank agent taht i want disbursement cheque on 8 march & he is saying from 1 march to 5-6 march bank is not creating any cheques & urs cheque will be ready on 28 Feb.. why .. why should i pay intrest of 7 days on 40 lakh .. do u thinki am a foolish ..kindly forward me email & contact details of person who is heading Home loan

its better if pplz move to some other banks for home loan & saving accounts .. its good if indian goverment take some action & close this bank ..

hi, i am really frustrated person with ICICI direct customer service. bloody they have not activated my account since last 3-4 months. no response to my emails. hotline takes 10 mins to connect.. only
thing is to go to press.

I join the party. it has been 9 months since the request for change of address has been placed.
Still no delivery of result

Dear fellow,

Ihave a si9milar experience while dealing with City Bnak. I have taken a home loan @9.75% before 3 years. They increase the rate of interest every year without any reason. Presently it is 13% which is highest home loan interest rate in ther world. Even the Reserve Bank of India is also helpless. These private banks are big cheaters.

September 30, 2008

Dear Sir/ Madam,

We greatly value your relationship with us. In the context of the developments in the international financial markets, we thought it pertinent to bring to you our perspective of the prevailing situation.

We would like to bring to your attention that the Indian banking system is well regulated and significantly insulated from global developments. This is because it is mandatory for all Indian Scheduled Commercial Banks to retain 34% of the deposit base in the form of Government Securities (SLR) and cash with RBI (CRR). Besides, sound policies of RBI have ensured prudent credit practices in the Indian Banking system.

ICICI Bank is already compliant with the BASLE II requirement in respect of risk management practices and capital adequacy. At 13.4%, ICICI Bank has one of the highest capital adequacy ratios in the Indian banking industry. Last year, ICICI Bank raised Rs. 20,000 crores (US $ 5 billion) of equity capital, which almost doubled our equity capital base. We have a net worth of over Rs. 47,000 crores (US$ 10 billion), again one of the highest in the banking industry in India We have consolidated total assets of over Rs. 4,84,000 crores (over US $ 105 billion), which is diversified across a wide range of asset classes across retail, wholesale and rural banking.

ICICI Bank is amongst the most profitable banks in India. In FY 08, ICICI Bank made a profit of Rs. 4,158 crores (US$ 900 million).

ICICI Bank has the highest credit ratings in the Indian financial sector. We have AAA ratings for our instruments, such as senior bonds, subordinated bonds, and deposits. We have the highest foreign currency bond ratings assigned to any Indian bank from Moodys and S&P.

We continue to invest in growth, indicating our confidence in the opportunities in the Indian market. In 07-08, ICICI Bank added 650 new branches, taking the total strength to over 1400 branches.

We thank you for reposing trust in us over the years. We look forward to setting new benchmarks in service levels in India and to create a bank that you will continue to be proud of.

As a testimony to the above, please find below the clarification given by Reserve Bank of India.

Date : 30 Sep 2008
RBI Statement on ICICI Bank’s Financial Position
There are reports in some sections of the media that based on rumours regarding the financial strength of ICICI Bank, depositors are withdrawing cash at its ATMs and branches in some locations.

It is clarified that the ICICI Bank has sufficient liquidity, including in its current account with the Reserve Bank of India, to meet the requirements of its depositors. The Reserve Bank of India is monitoring the developments and has arranged to provide adequate cash to ICICI Bank to meet the demands of its customers at its branches/ ATMs.

The ICICI Bank and its subsidiary banks abroad are well capitalised.

Alpana Killawala
Chief General Manager

Press Release : 2008-2009/412


Uma Lakhani
Office of Head Service Quality
ICICI Bank Ltd.

Well, if they dont explain, we will believe they have something to hide…you cant punch them either way. this is more sensible and reassuring –
explaining their position to quell possible rumours

All ICICIBank services sucks:
I have s/v bank a/c. personal loan a/c, demat a/c, home loan a/c, Prudensial a/c.

My demat online service are deactivated for last 6 mnths by ICICI and they are not able to let me know the reason for it. ICICI Demat sucks.

I took ICICI homeloan in Jan’2008, that time they gave me Intereste Rate 10.5 and in just 6 months they changed my interest rate to repayment has doubled from 1coror to 2 corror.

ICICI Homeloan Service Sucks.

I have started moving from ICICI to other banking services due to their pathetic services and lots of hidden charges..

Don’t do any business with ICICI, they are cheater/chores no.1…

In the last few years, the easily available credit cards and loans in the
market have superbly enabled us to increase our purchasing power way beyond
what our salaries ever could.

I can now buy just about anything on EMI by availing of these loans and
credit cards – be it a car, a house, expensive jewellery or a branded watch
that costs almost more than 10 times my salary! What bliss…. and all
because of the availability of credit at this age. Its a lifestyle I
so enjoy, but one which I know I must curb at some point. I have been
telling myself that I should stop spending too much on my card because the
bills at the end of the month tend to bother me. This heavily
credit-dependent lifestyle makes me feel good and experience things I
otherwise, but it also stresses me out every now and then. I tell myself and
I want to stop but I can’t seem to! It’s almost like an addiction now. It’s
frustrating every now and then.

Anyway, logic not prevailing, I have been continuing the same lifestyle. I
don’t think I will ever be able to stop it completely but regulating the
habit is something I am looking at now. I have begun to search for some way
in which I could possible get some professional guidance on “how
much” of this indulgence was ok for me at each point. To what extent could I
indulge and still manage to pay my bills and EMIs? To what extent can I
afford to live on credit and yet not be stressed about the bills?! How many
loans can I take and still manage to pay off the EMI’s comfortably every
month so that I am not in a situation where I have no money in the last week
of every month!?? For how many months of
the year can I afford to continue paying the minimum on my credit card?

Would any of you be aware of any such service that I can avail of? Who do I
approach for such advice? Would be great if you could write in and advise me

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